There was a very light cattle trade in Kansas yesterday at 105.00, 1.00 higher than the bulk of Tuesday’s trade, but 3.00 lower than last week. The rest of cattle country remained pretty much at a standstill, with business essentially done for the week. Asking prices on the balance of the show lists are around 106.00 to 107 in the South and 173.00 plus in the North. Both sides will definitely be reassessing price potential on Tues day, but business concerns are ready to give way to the R and R of the Memorial Day weekend ahead. The success of holiday clearance will no doubt be very important as to whether the cash market continues to struggle next week or truly find early summer legs.

Boxed beef cutout values are lower, with the choice down 1.14 at 177.30, and the select is .23 lower at 172.16.

Feeder cattle receipts at Missouri auctions this week totaled 16,353 head. Compared to last week, steers sold 8.00 to 12.00 lower, heifers weighing less than 650 pounds were 6.00 to 10.00 lower, heavier weight heifers were steady to 4.00 lower. Markets continue to slip away from record prices seen earlier this year. Long term outlooks continue to point towards tight supplies of cattle but currently feedlots are full as many producers took advantage of record prices a few months ago. Feeder steers medium and large 1 weighing 622 lbs traded at 131.69 per hundredweight. 635 pound heifers brought 121.24.

Barrows and gilts in the Iowa/Minnesota direct trade and the East are not reported due to confidentiality. The West is down 3.56 at 87.12, and nationally hogs are 1.73 lower at 88.19 on a carcass basis. Missouri direct base carcass meat price is steady from 81.00 to 84.00.

Pork carcass value is now dropping like a lead anchor, losing as much as $3.51 on Thursday. Given the way processing margins just keep getting worse, it would suggest that both export and domestic pork demand has significantly softened.